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International and strategic marketing - Essay Example

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Executive summary The music industry comprises of four broad segments song writing and publishing, recording, live music and artist management (BPI 2012). The recorded music sector has been the dominant segment in terms of revenues since the introduction of music records, a situation that was enhanced further by consolidation which led to the emergence of four major conglomerates…
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Download file to see previous pages This paper describes the rise of the recorded-music industry, the emergence of disruptive technologies and the effect of this disruption on the marketing strategies of today’s recording industry companies. The marketing strategies are discussed in perspective of the 7Ps of marketing. 3Ps are identified and analysed as potential channels for implementing marketing strategies that could mitigate the threat to recording industry’s digital music sales posed by free and illegal peer-to-peer (P2P) file-sharing websites. Table of Contents Executive summary 1 Table of Contents 2 2.0.Marketing strategies in the Music Industry 6 2.1.Product 7 2.2.Price 8 2.3.Place 8 2.4.Promotion 8 2.5.People 9 2.6.Process 10 2.7.Physical evidence 10 2.8.Section summary 10 3.0.Topics impacting the industry 11 3.1.Changing process using partners and intermediaries 11 3.2.Promoting legitimate digital music using merchandise and concert business 13 3.3.Repackaging physical evidence 14 4.0.Conclusion 15 References 16 1.0. Introduction According to the British Recorded Music Industry, the music industry can be broadly categorised into four sectors: song writing and publishing, recording, live music and artist management (BPI 2012). In all these sectors there are many different organisations and individuals performing different roles and earning their living. Currently the large share of the industry’s value is generated and controlled by the recorded music and live music sectors. The recorded sector is dominated by four major corporate labels that comprise of several smaller companies that focus on different regions and markets. These four conglomerates are: Sony Music Entertainment, Universal Music Group, EMI Music and Warner Music Group (The Economist 2008). The live music sector is dominated by Live Nation Entertainment in the United States. The growth of the recorded music sector epitomised by the rise of music labels towards the end of the 20th century led to the recording sector being synonymized as the music industry (Wikipedia 2012). The recorded music sector grew largely due to the ability of the music labels to efficiently and cost-effectively fulfil the several stages in the process of moving music from artist to consumer. The major record labels are vertically integrated businesses. The stages in the recording industry are: Artists and Repertoire (A&R) – involves finding new acts; recording music – involves composition, production and licensing of copyright; manufacture of mechanical recordings e.g. CDs and vinyl; music distribution and logistics; marketing and promotion; and retail activities (Fleming & E. G. Hughes 2002). Some of the factors that made music labels profitable are: economies of scale which spreads overheads over a wider revenue base; diversity of artists which enables them to maintain a steady flow of releases; and breadth of music catalogue. However, in the 21st century, the emergence and growth of three technologies led to the disruption experienced in the broad music industry in general, but mostly in the recorded-music industry’s value chain. These three technologies are digitalization, data compression and the Internet (Dolata 2011). Digitalization of music made it easy to make copies ...Download file to see next pagesRead More
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International and strategic marketing
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